“My tax person is retiring and no one I’ve called is taking new clients, is there anybody you can recommend?”
This is a common question for us at H+D, and a frustrating one, as the answer is all too often “no.” When we can, we try to connect clients who need estate, insurance, tax, or other advice outside our expertise, with professionals we know and trust. However, it’s become increasingly hard to find tax advisors willing to take on new clients. It isn’t all in our heads: according to the Vermont Society of Certified Public Accountants, the number of CPAs in the state has fallen by 14% since 2019.
This decline follows a longer-term trend across the country. According to the National Association of State Boards of Accountancy (NASBA), the number of licensed CPAs in the U.S. dropped by roughly 13% between 2012 and 2025. As the CPA workforce has aged and retired, not enough young people have entered the industry, with the number of accounting graduates declining by 17% and the number of CPA candidates dropping by 30% from 2012 to 2022.
The chart below shows that employment attrition and captures just how seasonal the tax business is. In the era of TurboTax and H&R Block software, many tax advisors are turning away from this seasonal, high-volume, low-margin return preparation and toward business and ultra-high-net-worth clientele who require year-round services. We’ve seen this trend before. When a low-cost tech solution comes in and scoops up all the DIYers, the work moves upmarket—think travel agents. For taxes, this leaves a hole in the market for those whose situations fall somewhere between Form 1040EZ and a concierge level of service.
There are some bright spots in the CPA pipeline. More than 40 states, including Vermont, have passed recent legislation to decrease the hours of education needed to become licensed. Undergraduate enrollment in accounting programs has increased by an average of 7% per year for the last three years, according to the National Student Clearinghouse. Because accounting’s combination of low starting salaries and lack of work-life balance remains a deterrent, some CPA employers are attempting to sweeten the pot with higher wages and remote work options.
Will this help smaller states like Vermont come tax time? Perhaps not. We spoke with Professor Jonathan King from the University of Vermont’s Master of Accountancy Program (MAcc) who sees a familiar pattern with graduates. Most leave the state to take a job with a Big Four or other large accounting firm, working long hours in auditing, assurance, or corporate tax. From there, they either move up the partnership track or move out to the private sector to be an in-house accountant. Few get experience with individual tax preparation—problematic, as it takes years to learn the intricacies of the tax code—and few return to Vermont. King says that increasing the number and appeal of internships at local tax shops would be a step in the right direction.
So, if local relief from the CPA shortage isn’t coming anytime soon, what can folks do to ensure access to the tax advice they need?
- Start the search early.
There’s a reason we’re putting this article in our Summer issue. By January, many CPAs will have all the clients they can handle for the April 2027 tax season. - Consider both CPAs and Enrolled Agents (EA).
Along with Tax Attorneys, these are the tax planning and filing practitioners with unlimited rights to represent you before the IRS for audits, appeals, and collections. Enrolled Agents don’t have the same educational requirements as CPAs, but are licensed by the IRS, must pass a rigorous test on the U.S. tax code, and have significant continuing education requirements. - Be prepared to pay more.
The seller’s market for CPAs is naturally driving prices higher for buyers. According to the National Association of Tax Professionals, prices for tax prep were up by over 20% from 2021 to 2023 alone. Your existing provider may charge more, but the increase may be even more pronounced if you move to someone new. - Present yourself as a “good client.”
With so many people knocking on their doors, tax advisors may turn you away if you don’t respond promptly to their communications, or if they must chase down necessary documents. This may mean more work for you up front to arrive organized. - Ask your investment advisor, estate attorney or other financial professional for recommendations.
At H+D, we don’t have a magic trick for increasing the supply of tax pros, but we’re active in the local web of financial professionals. We routinely pick the brains of the accountants we work with to learn about new providers on the scene. We actively network with other financial professionals to increase our pool of potential referrals. We hear about good and bad tax experiences from clients and sometimes clients send good recommendations our way.
Which begs the question: Do you have anyone you can recommend?
